Info base

Info Base

Our Info Base is a collection of fact sheets, templates, downloadable forms, lodgement checklists, taxation details and other relevant information. 

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  • INFO BASE

    • Resources

      • Individuals

          Residents: Personal tax rates and thresholds

          These rates apply to individuals who are Australian residents for tax purposes: 

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          Non-Residents: Personal tax rates

          Non-residents are not subject to the $18,200 tax free threshold and are not required to pay the Medicare levy.   

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          Rental Properties

          Purchasing a rental propertyWhen purchasing a financed rental property you may consider:o The interest on the debt is deductible in contrast to the interest on the debt for your main…

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          Motor Vehicle Deductions

          Since 1 July 2015 there are only two methods available for claiming a deduction for motor vehicle expenses:Logbook, orCents per kilometre All motor vehicle claims need to be supported by…

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      • Tax Rates

          Residents: Personal tax rates and thresholds

          These rates apply to individuals who are Australian residents for tax purposes: 

          read more »

          Non-Residents: Personal tax rates

          Non-residents are not subject to the $18,200 tax free threshold and are not required to pay the Medicare levy.   

          read more »

          Weekly, Fortnightly & Monthly Tax Tables

          To calculate the Pay As You Go (PAYG) withholding tax amount for your employees download the weekly, fortnightly or monthly tax tables below, depending on your agreed pay frequency. These schedules incorporate the…

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      • Lodgement Dates

          Tax Return Lodgements 2017

          A list of lodgement dates applicable to tax returns for the 2016 - 2017 financial year is below:Individual Tax Returns –• Individuals who lodge their own tax returns, the due date…

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          BAS Lodgements 2017-2018

          The lodgement program due dates for the 2017 - 2018 financial year are listed below for all quarterly and monthly activity statements, including PAYG withholding payments. Please note the different…

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      • Checklists and Downloads

          Personal Tax Return Checklist

          Income:• Group certificate(s)• Statements of any allowances, Centrelink benefits or pensions• Details of interest received on bank accounts• Dividend statements• Rental property statements from managing agent or details of any…

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          Tax Return Checklist for Rental Property Income

          Income & Expenses:• Rental statements from property agents – these will include the rental income, property agent fees and commissions, and advertising expenses• Body corporate / strata fees•…

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          Requirements for BAS

          Below is a list of the detail required to be able to process BAS documentation for lodgement:Bank statements for the full BAS period – Make sure you have all the…

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          Spreadsheets - Business Income & Expenses

          It's not always necessary to purchase, install, create and update complicated accounting package programs when starting up a business. Sometimes a simple Excel spreadsheet can be more suitable, particularly with sole traders and…

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          Spreadsheet - Rental Property

          This spreadsheet is a useful tool for monitoring your rental property's income and expenses for your year end tax return. Keep track of your quarterly earnings and expenditure, as well as capital purchases…

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          Spreadsheet - Motor Vehicle Expenses

          This spreadsheet is a useful tool for monitoring and recording your motor vehicle expenses for your year-end tax return. Keep track of your quarterly expenditure, including lease payments and interest on loans…

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          Template - Motor Vehicle Logbook

          A logbook can help you get the most from your business or work-related motor vehicle use. Download this template so you can keep track of each business or work-related trip…

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      • Superannuation

          Consolidating your super

          There are numerous benefits to keeping your super in one place.  Apart from only paying one set of fees, you will also be able to keep track of your retirement…

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          Binding Beneficiaries Nominations

          Under superannuation law, the Trustee of your super fund has the discretionary power to decide which of your dependents receives your super if you die before you retire. The law…

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      • Estate Planning

          Template - Last Will & Testament

          A Will is a legal document that clearly sets out your wishes for the distribution of your assets after your death. Having a clear, legally valid and up-to-date Will is…

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      • Starting a New Business

          Starting Up Your Business

          1.  Business PlanBefore you register for an ABN and start trading it is vital to sit down and flesh out the finer points of your business idea: Consider the different…

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          Company & Trust Set Up

          If you decide on a company or trust structure for your new business AFYF can assist you in meeting the various legal, ATO and ASIC documentation necessary for registration and…

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          Registering a Business Name

          When you first get started in a business you should register your business name with ASIC. Registration of a business name lasts for either one or three years, depending on the…

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          Company & Partnership Agreements & Deeds

          When first setting up your partnership, company or trust there may be a requirement to draw up and sign an agreement or deed. These agreements can regulate the arrangements between partners,…

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          Invoicing - What to Include

          Invoices can be hand-written, carbon copies or computer generated from programs like Xero or MYOB, but they all need to include certain details.  For businesses registered for GST invoices need…

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      • BAS & GST

          BAS Lodgement Dates 2017-2018

          The lodgement program due dates for the 2017 - 2018 financial year are listed below for all quarterly and monthly activity statements, including PAYG withholding payments. Please note the different…

          read more »

          Requirements for BAS

          Below is a list of the detail required to be able to process BAS documentation for lodgement:Bank statements for the full BAS period – Make sure you have all the…

          read more »
      • Business Planning

          Business Planning

          A business plan is an essential tool in starting up your business. It allows you to set a clear direction for your business, to communicate planning objectives and strategies to…

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      • Employing People

          Weekly, Fortnightly & Monthly Tax Tables

          To calculate the Pay As You Go (PAYG) withholding tax amount for your employees download the weekly, fortnightly or monthly tax tables below, depending on your agreed pay frequency. These schedules incorporate the…

          read more »

          Job Descriptions with Various Templates

          The job description should be the very first step in the recruitment process. It provides a support for writing job advertisements, specifying necessary qualifications, interviewing candidates, planning job training and…

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          Letters of Offer & Example

          A letter of offer is an important aspect when hiring a new employee as it outlines the terms and conditions of the job being offered.Try to include as much detail…

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          Letters of Appointment & Example

          A letter of appointment is another aspect of the recruitment process that the employer should complete to confirm the details of employment. It generally only needs to be a short…

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          Issuing Payment Summaries to Employees

          Payment summaries must be issued to every employee paid during a financial year ending 30 June. These summaries should be given to employees by the 14 July each year.The information…

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      Review to revive and survive

      Many small businesses are under-insured or not even covered for some risks, exposing them to potentially devastating effects.

      Your business has achieved consistent growth, a great reputation and an established position in its selected market. But are you equipped to continue this success in an environment that continues to get tougher for the small business owner? As your business has grown, your risks have increased. Has your insurance needs grown too?

      Although 15 per cent of small business owners admit to being either moderately or significantly underinsured, it’s seriously alarming that of the 85 per cent who believe they are adequately insured, 13 per cent don’t have fire insurance and 20 per cent don’t have burglary insurance. Not only that, but a staggering 65 per cent aren’t covered for business interruption or loss of profits.

      According to the latest Cameron research, most small business owners just keep buying the same amount of insurance they bought last year. They do this without considering all the changes that have occurred in the market and to their business. More often than not, they end up unaware of what else may be required.

      The most concerning aspect of these findings is the potential for small business to be under-insured due to the simple fact that they are unaware that their cover is insufficient until they have a claim. Insurance companies now understand the role they play in reassessing customers’ insurance needs and exploring all risk areas, including increased exposure resulting from business growth.

      You have to work with your customers and make recommendations to help ensure they are appropriately covered. It’s our responsibility to at least give them the information so that they can make an educated decision on their insurance coverage.

      An insurer should insist on reviewing and reassessing all their small business clients’ insurance policies, to ensure they include changes like business growth. Reviews can be conducted through independent assessors and quantity surveyors who will determine the total current replacement cost of a business, including the physical structures, fit-out, machinery, stock and even the car park.

      According to research by McLarens Young International (MYI), many small businesses don’t realise just how much the costs of building materials and labour have increased, and are forgetting to allow for factors like removal of debris, government zoning and engineering fees.

      Recently a review showed one of our clients that the replacement costs of their business had increased substantially – from $462,000 to $2.3 million – not only as a result of growth in their business, but because of the increased cost in building supplies and labour.

      The client was a family owned furniture retailer who had worked hard to build a successful business over more than 25 years. These recommendations helped them understand what was truly at stake in the event of a tragedy, and explained where their policy needed to be updated. Customers deserve to know that their premiums are based on independent, reliable and accurate assessments of their risk, reinstatement time, and cost.

      Small business should also consider their turnover and expenses to see what the effect would be if they couldn’t operate for an extended period of time.

      Many small businesses don’t think about the need to preserve cash-flow in situations where their business is no longer able to trade following a major calamity.

      They need to also consider how a major loss would affect them during busy trading periods such as Christmas or Easter, when some businesses typically have more stock on hand, higher sales and increased costs like staff wages. The reality is that 70 per cent of small businesses affected by major loss don’t recover. Limited cash-flow can have major catastrophic effects on small businesses, with many not having the money to pay their bills, or pay their staff, while they’re out of action.

      Business interruption insurance ensures that small businesses can survive periods of major trading disruption by providing income to pay ongoing expenses like rent and wages until the business reopens its doors. So why is it that only 31 per cent of small businesses have business interruption insurance?

      A review of another of GIO’s small business clients showed them where these gaps existed in their cover after their business had experienced a period of growth.

      Having this information helped the customer to understand what was truly at stake in the event of any loss, and explained the associated increase in premium.

      When fire damage caused that client’s business to close around a year later, the owner was most thankful for the additional cover, which meant he was able to get back on his feet and had an income while waiting to reopen his business. These customers truly understand their insurance requirements, and realise how they can protect the future of their business and their employees, the majority are very receptive and appreciative.

      Gerard McDermott
      My Business, November 2008


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